The agreed-upon transit period following Kazakhstan’s accession into the WTO will provide Kazakhstan with ample time to work out alternative ways to support domestic producers, Newskaz.ru reports, citing the country’s Minister of Economic Integration Zhanar Aitzhanova as saying in the Senate November 15.
“The concerted transit period before July 1, 2018 gives ample time to work out alternative measures to support domestic producers”, Ms. Aitzhanova said.
“Measures to support domestic producers based on free economic zones mechanisms shall be applied before January 1, 2017”, she added.
According to her, “in 2.5 years following the accession, 49% restrictions on foreign capital in companies rendering intercity and international telecom service will be lifted”.
In 5 years’ time following the accession, foreign banks and insurance companies will enjoy the right to launch direct branches in Kazakhstan.
She elaborated that Kazakhstan has set minimum requirements to parent banks and insurance companies’ asset and minimum amounts of individual deposits to be further approved of by the Government.
Kazakhstan has been seeking to enter the WTO since 1993.